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ARTICLE · 24 JUNE 2020

In A World...Without LIBOR

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It could be the trailer for a thrilling movie, but whether it turns out to be a horror flick or a mystery depends on what happens before December 2021.

United StatesFinance and Banking
Joseph Cioffi
Joseph Cioffi
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It could be the trailer for a thrilling movie, but whether it turns out to be a horror flick or a mystery depends on what happens before December 2021. That's when the financial community's reliance on the London Interbank Offered Rate (LIBOR) is expected to be phased out. Proposals are on the table, but the prospect of litigation over LIBOR fallback provisions should prompt parties to promote now the creation of clear protocols and legislation. While the coronavirus (COVID-19) has the immediate attention of the markets, and rightfully so, the key to success on the other side of the pandemic is to take care today of the things that will become urgent tomorrow. 

LIBOR Letdown

LIBOR reflects submissions made by a panel of banks using available transaction data and their expert judgment. It is the benchmark rate on at least $200 trillion in financial contracts in the United States and $350 trillion worldwide, including those related to securitizations, floating

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